Basalt Rock Co., Inc. v. Commissioner of Internal Revenue

MATHEWS, Circuit Judge.

Here for review is a decision of the Tax Court (10 T.C. 600) holding that there was a deficiency of $355,342.21 in respect of petitioner’s excess profits tax 1 for 1942 — a decision from which five judges of the Tax Court dissented. 2 Petitioner contends that, instead of a deficiency of $355,342.21, there was an overpayment of $935,575.38. The question presented is whether petitioner’s excess profits tax for 1942 was correctly computed by the Tax Court.

Petitioner’s excess profits tax for 1942 was a tax equal to whichever of the following amounts was the lesser: (A) 90%…